who owns units in the listed funds, said the market had given the RE’s proposal and its chairman Stuart Nisbett “a massive thumbs down”.”Simple solution Stuart, just hand the investors their money back.”
Their strong performance has been one of the bright spots of the troubled Evans Dixon empire, which has been plagued by conflicts of interest scandals, lawsuits and class actions mainly relating to itsPartners. It listed in 2018. It has since rebranded as EIn contrast to the URF, the Cordish Dixon funds assets have delivered double-digit annualised gains.
Mr Kingston also said the Cordish funds were sitting on $US40 million of cash proceeds from asset sales that would not be distributed “unless the proposal is voted down”.P Investments, has unanimously recommended that unitholders vote in favour of the merger, which independent experts Kroll have deemed fair and reasonable.But that report acknowledged the competing interests of investors among the various funds and with varying investment time horizons.
If they needed to fund tax payments, they could through the withdrawal mechanism but said the requests might be scaled back or insufficient. That is because withdrawals are limited to 5 per cent of assets every six months, and are subject to manager discretion. The potential complications in withdrawing capital or having it returned is a key source of discontent among some investors.P/Dixons are again acting ‘not’ in the best interests of their investors”.
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